Trading Plan for 12/24

[pay]Pattern notes.
It’s a story as old as time (at least, it seems that way)…  Another low-volume gap up, another close under the morning’s high. Price gets higher but buyers don’t gain any traction.

The past several opens were likely to rally, whether or not pulling back first. Now three consecutive higher highs have stretched buyers thinly, but sellers haven’t yet benefited. The opening strategy is likely to shift to selling opening strength, instead of anticipating it.

Half-day sessions are interesting creatures. If trending isn’t obvious at the open, it can still appear by mid-morning and extend into the close. But an early trending attempt is more likely to hold its first test of support or resistance, having expended its energy for the day.

Indicators and Internals.
3-minute RSI was volatile overnight, and ranged widely intraday. But there was no business left unfinished.

Thursday’s opportunities.
The Lotus/IBM webinar platform requires a dial-up connection to be left open throughout the day. Obviously, that’s not an option, so its test was canceled. We may try one more program tomorrow.[/pay]